EU Social Taxonomy for Sustainable Investments
The ETUC inputs for a shared view of an EU social taxonomy for sustainable investments focus on three key areas with high transversal consensus. The Social Taxonomy features an entry level for full compliance with international standards and the European Charter of Social Rights. Engaging with social progress is emphasized to align with the European Pillar of Social Rights and reinforce the EU Recovery Plan.
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ETUC inputs for a shared view of an EU social taxonomy Social taxonomy for Sustainable Investments 19 May 2019
3 AREAS WITH HIGH TRANSVERSAL CONSENSUS: The elaboration of an EU taxonomy for sustainable investments should concur to the achievement of the objectives of the social policy of the EU, no time for self-made standards any longer: A compliance mechanism: respect of EU law and applicable collective agreements Entry level: full compliance with the international standards and the European Charter of Social Rights. A social progress mechanism: implementation of the European Pillar of Social Rights. SUSTAINABLE DEVELOPMENT GOALS
SOCIAL TAXONOMY. FEATURES 1. An entry level. OUTPUT: The Social Taxonomy should provide a framework that requires (sine qua non) investors and investee have to demonstrate full respect and corporate due diligence in ensuring abidance by internationally recognised standards and being active in promoting them. 2. A compliance mechanism: OUTPUT: the Social Taxonomy can provide a framework that requires progress under one of the provisions set in the EU law and not be in detriment of the rule-of-law or increase corruption. Implement CB and surely no harm to it 3. ENGAGING WITH SOCIAL PROGRESS. OUTPUT: the Social Taxonomy can provide a framework that requires progress under one of the principles of the EPSR and should not result be in detriment of the objectives set in other objectives. Also engaging with local actors to bring change. For Just Transition.
WHY THE EUROPEAN PILLAR OF SOCIAL RIGHTS? 3. ENGAGING WITH SOCIAL PROGRESS. The EPSR: gathers the widest consensus full implementing SDGs + resilience offers a methodological framework Covers the most relevant areas where social investors are currently seeking for impact It is backed by (5-years old) scoreboards, targets and metrics that set level of ambition and measure of impact, and reporting
REINFORCING THE EU RECOVERY PLAN OUTPUT: the Social Taxonomy can provide a framework that - requires that social taxonomy is aligned to (better synergic with) social investments under the RRF; - requires activities or corporate purposes that operates in the framework of public procurement processes should be fully aligned to the social taxonomy, in particular providing that respect and implementation of collective agreements as minimum requirement.
RISKS, GOVERNANCE, ECONOMIC DEMOCRACY The SOCIAL TAXONOMY should provide 3 levels of structured dialogue : i. (market) structured and permanent consultation of social partners in the shaping and regulating the sustainable finance market - (sector) Social dialogue to embrace the just transition concept and forge it in a way that all businesses in all sectors (public and private) will have the same chances to benefit from. - (investee/economic unit) Employees participation to be considered a criteria that reinforces investors active engagement
PROTECTING SOCIAL PARTNERS AUTONOMY AND COLLECTIVE BARGAINING IMPORTANT!!! A EU is the economy of social dialogue. A social taxonomy will not work if it does not recognise, protect, promote collective bargaining Safeguard clauses Respect of collective agreements and promotion of collective bargaining
DEMOCRATISATION OF THE FINANCIAL MARKET Other areas of intervention of the EU Taxonomy: alignment of interests between investors, consumers AND workers Remuneration of top managers a larger and inclusive access of people, investments in education and tackling financial illiteracy Some European experiences show that such democratisation of the economy can start from the workplace and employees participation schemes with redistributive, and better corporate governance objectives Social enterprise economy should be valued Specific instruments tailored on SMEs without exempting them from sustainability requirements
Examples of EU acts for the EU social taxonomy Directives on equal pay for employees and self employed Non-discrimination Directives Work-life Balance Directive Health&safety Directives Working time Directive Directives on information and consultation of employees Directives introducing procedures and trade union rights in case of company crisis Fixed-term contract Directive Part-time work Directive Transparent and Predictable Working Conditions Directive Cross-border posting of workers directives Directives on conditions for entry and work of third country nationals Recommendation EASE Recommendations on access to social protection Eu Social partners agreement on digitalisation Eu social partners agreement on telework .. More than 100 ideas to implement the European pillar of Social Rights : here
